The dollar hits a 26-month high against the dirham

The dollar hit a 26-month high against the dirham, according to Attijari Global Research (AGR).

The greenback is appreciating strongly against the dirham this week, according to AGR’s note “Weekly MAD Insights – Currencies” for the week of July 04 to 08, 2022.

The USD/MAD parity thus posted a weekly performance of +1.41% at 10.1767, driven by the soaring international dollar, the same source said.

“We nevertheless note an improvement in liquidity conditions on the interbank foreign exchange market, and this given the first positive impacts of foreign currency inflows at the start of the summer season,” note AGR analysts.

Under these conditions, liquidity spreads thus fell from -39 PBS to -1.5% against -1.1% a week earlier, notes AGR, specifying that the banks’ foreign exchange position, for its part, stabilized this week around -7.3 billion dirhams (MMDH) as a weekly average.

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